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As seen in Bloomberg’s “Ex-UBS Trader Defense Could be Threat to US Forex Cases”

Bloomberg reports that a former UBS AG trader in Zurich who was charged with conspiring to manipulate benchmark interest rates has asked that the case against him be thrown out because his alleged actions had no connection to the United States. If his attempt at getting the case dismissed is successful, it could set a standard that would make it much more difficult for the US Department of Justice to charge foreign traders in its current investigation into currency manipulation.

According to Kaye Scholer Antitrust Counsel Philip Giordano, a former prosecutor in the Department of Justice’s Antitrust Division, prosecutors in these kinds of cases will need to show that transactions were done with US entities, or that overseas transactions had a direct effect on the US market, in order to prevent dismissal on such grounds.